Definitions for "Equitable mortgage"
When a person takes out this type of mortgage they still own the property which is security for the mortgage. They can occupy or live in the property.
An instrument that, because of a technical defect, is not actually a mortgage but because the intention of the parties is to create a mortgage, the instrument will be enforced by a court of equity.
A mortgage which has a claim solely on the equity of redemption and not to the title of the property itself.
Keywords:  credit, line
Equity Equity Line Of Credit